Bank of New York Mellon: Abnormal performance in US bond hedging

John Velis of Bank of New York Mellon pointed out in the report that in the context of the current conflict in the Middle East, the US treasury bond bonds did not perform as expected. He said that market volatility usually rises after geopolitical shocks, risk assets weaken, the US dollar appreciates, and US treasury bond bonds rise. However, although the price trend of the US dollar conformed to the usual pattern, the US treasury bond bonds failed to meet the expectation of rising and the yield rose on the first trading day after the air raid.